Cyber Liability Increased Limits Policy

Small to mid-sized businesses continue to suffer from increasing attacks via email phishing and socially-engineered fraud activities. 3 out of 4 small businesses don’t have the personnel to address IT Security. Law firms are not exempt from this risk as they maintain vast amounts of sensitive data including privacy exposures (clients, employees, etc), personally identifiable information, protected health information, financial data, confidential client files, trade secrets, attorney-client communications, work product/analysis/case strategies. Should a data breach occur, law firms can be exposed to claims for liability, reputational harm, and significant losses in complying with breach notification laws.

In addition to the Cyber Liability Coverage included with The Bar Plan Lawyers Professional Liability policy, The Bar Plan now offers existing policyholders a program to purchase increased limits, underwritten by Tokio Marine HCC – Cyber & Professional Lines Group on its NetGuard^® Plus Cyber Liability Insurance Policy.  Whether you are a solo practitioner or a large law firm, purchasing NetGuard^® Plus can provide your firm with the peace of mind knowing you have the necessary protection in place should a cyber claim occur.

Program qualifications:

• Applicant must be insured with The Bar Plan for lawyers’ professional liability
• Annual revenues of $20,000,000 or less
• Applicant must not have experienced any related claims/incidents in the last 3 years
• Applicant must not handle real estate and/or title transactions
• Applicant’s application responses must meet program requirements

If you do not meet the program qualifications, you can still be considered for coverage outside the program.

Limits Available:

•  $250,000
•  $500,000
•  $1,000,000
• Higher limits available upon request

Program Highlights:

• Full unknown prior acts coverage
• Separate Breach Event Costs Limit Enhancement and Additional Defense Costs Limit are included
• Broad Coverage for data that is stored with third parties
• Worldwide coverage where permissible
• Coverage for proactive breach response costs and voluntary notification
• Covers the cost of providing 24 months of credit monitoring services, identity theft assistance services, credit or identity repair and restoration services to affected parties
• System Failure Coverage applies to voluntary shutdowns
• Property Damage exclusion does not apply to electronic data
• Coverage applies to breach of corporate information
• Coverage applies to acts committed by rogue employees, as well as privacy claims brought by employees
• Multimedia Liability Coverage
• Security & Privacy Liability Coverage
• Extended Reporting Period available 1-3 years

First Party Coverage Components

• Breach Events Costs
• Post Breach Remediation Costs
• BrandGuard^®
• System Failure
• Dependent System Failure
• Cyber Extortion
• Cyber Crime
• Bricking Loss
• Property Damage Loss
• Reward Expenses
• Court Attendance Costs

Third Party Liability Coverage Components

• Multimedia Liability
• Security & Privacy Liability
• Privacy Regulatory Defense and Penalties
• PCI DSS (Payment Card Industry Data Security Standard) Liability
• Bodily Injury Liability
• Property Damage Liability
• TCPA Defense

Cyber Liability Included with Your The Bar Plan Policy

The Bar Plan added Cyber Liability Coverage to all full-time policies with an effective date on or after January 1, 2018. Limits of liability are $50,000 per claim, with aggregate limits of $50,000 for firms up to 10 attorneys, or $150,000 for firms with more than 10 attorneys. This coverage is provided at no additional premium for full-time policies. For more information on this coverage, click here.